Microeconomic Substitution Is Impossible for the Economy as a Whole

Multiple Choice

Microeconomic substitution is impossible for the economy as a whole because

A) money is a veil.
B) real GDP measures the total quantity of goods and services produced by all firms in all markets.
C) the prices of some goods and services adjust sluggishly in response to changing economic conditions.
D) a lower price level increases real wealth,which stimulates spending by consumers and vice-versa.